Born in a village of Rajasthan, India, the journey to transform himself into one of the world’s richest men is incredible. His birth place lacked some of the basic amenities like water and electricity. Today he turned out to be #82 billionaires on the Forbes list and is #5 richest in India. The India-born, London-residing Lakshmi Nivas Mittal alias Lakshmi Narayan Mittal celebrates his 65th birth anniversary today. He is well known for transforming sick steel industries into a successful firm. To commemorate his birthday occasion here are few less known facts about the steel tycoon.
Date of Birth: 2 September 1950
Net Worth: $11.5 Billion as of September 2015
- His father, Mohan Lal Mittal operated Nippon Denro Ispat in India. As the Indian Government curbed the steel production in 1976, he became the first one from the family to establish the steel factory in Indonesia. In East Java, Indonesia, Lakshmi Mittal established PT Ispat Indo in 1976. Today ArcelorMittal SA (ADR) (NYSE: MT) is the successor of the company established in 1976.
- With the merger of Arbed (Luxembourg) with the Mittal Steel operative since 1989 the ArcelorMittal was formed in February 2002. Further, the firm transacted worldwide including Brasil, Canada, and Poland by 2007 making 35 transactions worldwide. Today ArcelorMittal is the world’s leading steel manufacturing company with 222,000 employees spread over 60 countries producing 115 million tonnes of crude steel approximately. In the Q2 2015, the ArcelorMittal Europe recorded US$396 million (€352 million) operating profit.
- After witnessing India’s 2000 Summer Olympic performance when the country had to settle down with only a single bronze medal, he set up Mittal Champion trust to improve the disappointing scenario of non-cricket sports in India. The trust was formed with $9 million, catering to support 10 Indian athletes with a great potential.
- Lakshmi Mittal retained the position of Second Richest Person in India for a long time as well as one of the wealthiest people in Europe. Although Mittal moved to Britain in 1990s, he gained the British citizenship only in 2012. After being the richest man for eight years in Britain, he dropped to the fourth place in 2015.
- Lakshmi Mittal’s philanthropy is not restricted only to the Olympics; Through the Lakshmi Niwas Mittal and Usha Mittal Foundation along with Government of Rajasthan he established an autonomous university LNM Institute of Information Technology as a non-profit organisation.
- The steel Moghul is known for his lavish lifestyle. Spending US$22.9 million (15 million pounds) to secure a comfortable seat in the front row in the Ryder Cup 2014 held at Gleneagles signifies his style.
- Lakshmi Mittal’s residence, a 12-room mansion bought for US$178.6 million (117 million pounds) in 2008, contains the marble from the same quarry with which the Taj Mahal was constructed. His house is rightly called “Taj Mittal”. However, the mansion is up for sale for US$168 million (110 million pounds). The steel magnate saw the biggest dip in his net-worth due to the greatest fall in share value of ArcelorMittal.
“I realized that life is too short to build a steel company from scratch.”
The above words of Lakshmi Mittal rightly signify his achievements in building the mammoth steel industry starting from nothing to an empire of steel. He is rightly called the doctor of sick steel industries. As he unleashes the potential of the sick industry to reap huge profits, on his birth anniversary, we wish him long years of richness.